SYDNEY AIRPORT

HALF YEAR RESULTS 2015

KERRIE MATHER MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER HUGH WEHBY CHIEF FINANCIAL OFFICER

18 AUGUST 2015

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General Securities Warning

This presentation has been prepared by Sydney Airport Limited (ACN 165 056 360) (“SAL”) in respect of ASX-listed

Sydney Airport (“SYD”). SYD is comprised of the stapled entities SAL and Sydney Airport Trust 1 (ARSN 099 597 921)

(“SAT1”). The Trust Company (Sydney Airport) Limited (ACN 165 967 087/ASFL 301662) (“TTCSAL”) is the responsible

entity of SAT1.

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not

take into account the investment objectives, financial situation and particular needs of the investor. Before making an

investment in SYD, the investor or prospective investor should consider whether such an investment is appropriate to their

particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

Information, including forecast financial information, in this presentation should not be considered as a recommendation in

relation to holding, purchasing or selling shares, securities or other instruments in SYD or any other entity. Due care and

attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and

any variation may be materially positive or negative. Forecasts by their very nature are subject to uncertainty and

contingencies, many of which are outside the control of SAL and TTCSAL. Past performance is not a reliable indication of

future performance.

Sydney Airport advises that on 5 August 2015 foreign ownership was 33.8%

Disclaimer

2

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Agenda

1. Highlights and Performance

2. Financial Results

3. Traffic and Capacity Growth

4. Terminal 1 Redevelopment

5. Duty Free and Retail Update

6. Ground Transport Update

7. Western Sydney Airport Update

8. Guidance

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EBITDA

$488.3m Revenue

$594.8m 4.6% 6.4%

1H15 Distribution

12.5c 8.7% Total Passengers

19.0m 2.1%

International 2.8%

Domestic 1.7%

Strong performance in 1H15 1H15 Key Results

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Continued strong revenue growth, exceeding passenger growth, in all businesses

Operational Growth

Business 1H15 Highlights Revenue Revenue Revenue

$m Contribution Growth

Aeronautical

Retail

Property

Car Parking

International passenger growth of 2.8% reflecting higher load

factors on lower seat capacity

Chinese nationals grew 16.8% on the pcp

Growth in LCC domestic passengers

Significant aeronautical investment in capacity and passenger

experience

New duty free contract; Heinemann trading well

Signing of the new advertising contract with APN

Travel essentials and Australian experience contracts renewed

Food court upgrades in T1 and T2

The new car rental contract was effective from January 2015

200 rent reviews were completed with revenue uplifts

Approximately 30 new leases were signed

Online parking take up continued to grow strongly

Online revenue was 32% of total public parking revenue, up from

27% in the prior half year

Increased pre-booked long stay transactions in the domestic

precinct contributed to performance

288.3

129.9

101.0

72.2

49%

22%

17%

12%

4.6%

3.9%

4.8%

8.7%

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T3 Transaction

6

LANDMARK TRANSACTION

• Sydney Airport to take control of Terminal 3 almost four

years ahead of previous lease expiry

• Result of a long-term engagement with Qantas focused on

achieving a ‘win-win’ outcome

• Meets Sydney Airport’s strict investment and strategic

criteria

• Access to new passenger related aeronautical and retail

revenue streams

• Common use terminal by 30 June 2019

TERMINAL DETAILS

• 54,000 m2 terminal area

• 24,000 m2 office and lounge space

• 17 gates

• 51 retail and food and beverage outlets

• 6 car rental desks

• 2 foreign exchange outlets

• 3 lounges

• 120 Valet car parking (SYD to operate from 2019)

• Advertising business (SYD to operate from 2019)

High quality terminal facility, with significant investment made

12 AUGUST 2015 Binding Agreement

1 SEPTEMBER 2015 Financial Completion

30 JUNE 2019 Existing Contract Expiry

Transitional Period

Bring forward of financial and

strategic benefits

TIMELINE

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T3 Transaction

7

Mutually beneficial and cash flow accretive

transaction

INVESTOR BENEFITS

Strategically important Required for our future expansion plans and

integration of terminals

Financially important Accretive to EBITDA

Accretive to CPS

Facilitates expansion of Sydney Airport’s non-aero

revenue streams, a key driver of value

Long term commercial revenue upside from having

a single domestic precinct

Operational efficiencies Captures 100% of passenger traffic at Sydney

Airport

Produces an uplift in domestic terminal and gate

capacity and increases long term flexibility for

domestic capacity allocation

Synergies and economies of scale benefits to

operating and controlling 100% of the terminal

footprint

Operational certainty

Provides certainty for both Qantas and Sydney

Airport beyond 2019

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Full year distribution guidance upgraded to 25.5 cents, or 8.5% above the prior

corresponding period

Distribution Guidance Update

0

5

10

15

20

25

2012 2013 2014 2015

First Half Second Half

+4.4% +8.5%

+7.1% Strong international

traffic

Significant investment in

business expansion

Inflation or fixed

escalations in all

revenue streams

Contracts negotiated on

improved terms

Prudent cost control

Successful refinancings

Distribution Drivers

Guidance

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Aeronautical

agreements

Successfully renegotiated five year deal with international airlines

Five year investment strategy delivering world class passenger experience improvements, additional capacity to

meet new demand and more efficient operations

Delivers an appropriate return and investment certainty

Outcome focused agreement, with cooperation to improve the passenger experience and airport operations

Terminal 3 lease

variation

Landmark deal reached to take control of T3

CPS and EBITDA accretive

Terminal will move to common use from 2019

WSA consultation Successful formal consultation period, with all parties engaged and significant information sharing

Improved passenger

experience

Significant investment in improving passenger service and facilities

ACCC ranked second highest monitored airport and the most improved airport, recognising major improvements

in airfield and terminal infrastructure, and planned ground access improvements

Most efficient airport in Oceania, recognising best practice in airport management, productivity and efficiency, by

Air Transport Research Society (ATRS)

Five year investment

program

$128.2m invested in infrastructure with all projects executed to plan and budget

152 projects successfully delivered over 1H15

On track for $1.2b investment program (fully funded until 2017 post T3 transaction)

Sustainability strategy

Inaugural sustainability report published, responding to stakeholder feedback and covering key sustainability

issues

First Australian airport to commit to annual sustainability reporting

Level 2 - Airport Carbon Accredited by Airports Council International (ACI) 9

Significant strategic milestones achieved in 1H15

1H15 Highlights F

or p

erso

nal u

se o

nly

FINANCIAL RESULTS HALF YEAR 2015

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Statutory Income Statement

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Strong revenue growth of 4.6% and EBITDA growth of 6.4%

$ MILLION 1H15 1H14 % CHANGE

Aeronautical revenue 247.1 236.3 4.6%

Aeronautical security recovery 41.2 41.3 -0.2%

Retail revenue 129.9 125.0 3.9%

Property and car rental revenue 101.0 96.4 4.8%

Car parking and ground transport revenue 72.2 66.4 8.7%

Other 3.4 3.0 7.9%

Total Revenue 594.8 568.4 4.6%

Total Expenses (106.5) (109.4) -2.7%

Profit before depreciation, amortisation, finance cost and income tax (EBITDA) 488.3 459.0 6.4%

Depreciation and amortisation (141.1) (151.9)

Profit/(Loss) before net finance costs and income tax (EBIT) 347.2 307.1

Interest income 6.0 6.0

Finance costs and change in fair value of swaps (219.1) (292.2)

Profit before incomes tax benefit/(expense) 134.1 20.9

Income tax (expense)/benefit (0.2) 31.8

Profit after income tax (expense)/benefit 133.9 52.7

Profit attributable to non controlling interests (0.7) (1.2)

Net Profit attributable to security holders 134.6 53.9

% changes may not tie exactly due to rounding

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Distribution Reconciliation

8.7% distribution growth for the half, covered by net operating receipts

$ MILLION 1H15 1H14

Profit before income tax (expense)/benefit 134.1 20.9

Add back: depreciation and amortisation 141.1 151.9

Profit before tax, depreciation and amortisation 275.2 172.8

Add/(subtract) non-cash financial expenses

- Capital Index Bonds capitalised 7.3 17.9

- Amortisation of debt establishment costs 11.9 15.4

- Borrowing costs capitalised (4.5) (3.2)

- Fair value adjustment to swaps (8.2) 51.4

Total non-cash financial expenses 6.5 81.5

Add/(subtract) other cash movements:

- Movement in cash balances with restricted use 6.1 1.0

- Other (8.4) (0.1)

Total other cash movements (2.3) 0.9

Net operating receipts 279.4 255.2

Stapled securities on issue (m) 2,216.2 2,216.2

Net operating receipts per stapled security 12.6c 11.5c

Distributions declared per stapled security 12.5c 11.5c

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Terminal 3 Financing

13

Efficient transaction funding is in place from a range of sources

/// Terminal 3 funding

SOURCES $ MILLIONS USES $ MILLIONS

Distribution Funding

Distribution Reinvestment Plan 60 Terminal 3 purchase price 535

Debt Funding

Bank debt drawdown 369

Cash

Existing cash (former debt service

reserve account)

106

TOTAL SOURCES OF FUNDS 535 TOTAL USES OF FUNDS 535

CASH FUNDING

• Significant DRP participation, demonstrating support for

Sydney Airport stock

• Over 26% take up, via approximately 13,500 security holders

• Approximately 13.2 million securities issued

• $72.4 million raised

DEBT FUNDING

• $369m of bank facilities to be drawn

• Significant level of undrawn facilities retained post debt

funding

• Solid credit metric headroom above internal and external

hurdles retained

• Inclusion of cash funding components will further support the

airport’s credit rating

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Terminal 3 transaction will create multiple new revenue streams and operating

expenses

Terminal 3 Operational Performance

• Sydney Airport receives property lease payments for rights and

independent management of T3 PROPERTY

• Sydney Airport to take control of Terminal 3

• Aeronautical revenue from per passenger charges

• Retail revenues from 51 retail, food and beverage and foreign

exchange outlets

• Property revenues from lounges and other property areas

• Advertising and valet revenues will revert 30 June 2019

AERONAUTICAL

RETAIL

PROPERTY

• Sydney Airport will pay opex for facilities maintenance, energy

usage and cleaning costs OPEX

PRE TRANSACTION

POST

TRANSACTION

Fixed income

stream

Variable

income stream

PRE TRANSACTION

POST

TRANSACTION

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Strong balance sheet with significant financial flexibility and liquidity

Capital Management Snapshot

• Undrawn facilities of ~$660m1 to fund current liabilities and growth capex into 2017, post T3 transaction

• As at 30 June, CFCR of ~2.4x and Net Debt to EBITDA of 6.9x highlights continued natural deleveraging

• No refinancing requirements until 2017 as a result of our proactive refinance approach, even post T3 transaction

• Average maturity in 20231 with opportunities to further spread and lengthen maturity profile

• Stable cash cost of debt at 6.0%2 with interest rate exposure highly hedged and currency exposure fully hedged

1 As at 30 June 2015 adjusted for $475m 2H15 bond maturity redemption and $369m T3 debt related funding using committed sources of undrawn bank debt

2 Excludes non-cash items i.e. capitalised interest and borrowing costs, changes in the fair value of swaps and amortisation of debt establishment and other borrowing costs

2.06x

2.13x

2.19x

2.26x

2.37x

2.00x

2.10x

2.20x

2.30x

2.40x

2.50x

1H11 1H12 1H13 1H14 1H15

7.4x 7.4x

7.1x

6.9x6.9x

6.60x

6.80x

7.00x

7.20x

7.40x

7.60x

1H11 1H12 1H13 1H14 1H15

/// TOTAL INTEREST COVERAGE /// NET DEBT TO EBITDA

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Pricing inside current portfolio average

AUD643m (USD500m) US144A bond issuance exceeded all refinancing objectives

Successful 2015 Refinancing

/// DEBT MATURITY PROFILE1

1 As at 30 June 2015 adjusted for $475m 2H15 bond maturity redemption and $369m T3 debt related funding using committed sources of undrawn bank debt

OPTIMISED PRICING

SPREAD AND LENGTHENED MATURITY PROFILE

Average maturity lengthened by seven months

Profile spread with gap filled in 2025

DIVERSIFIED FUNDING SOURCES

Significant allocation to new investors

Significant oversubscription

Successful return to the US144A market sets a well

priced benchmark for future issuance

MAINTAINED CAPACITY FOR FUTURE RAISINGS

MINIMISED EXECUTION RISK

2015 maturities addressed well in advance

MAINTAINED BBB/Baa2 CREDIT RATING

BBB/Baa2 credit rating maintained

389 251 266

156

168 178 714

200

750 659

376

100

217

519

86

545

736

445

714 719 750 802

1033

643 659

438

136

376

0

250

500

750

1,000

1,250

1,500

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Drawn Bank Undrawn Bank Domestic Wrapped Bonds Domestic Unwrapped Bonds Offshore Bonds

Average Maturity

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Capital expenditure allocation of $128 million, all projects required to meet stringent

hurdles

CAPITAL DISCIPLINE

• Sydney Airport’s approach to capital investment is to

examine each stage of the passenger journey and

enhance the passenger experience, improve

efficiency of operating and increase capacity in line

with demand

• The projects underway and completed during 1H15

are focused on delivering these outcomes

Major Capital Expenditure in 1H15

MAJOR 1H15 CAPITAL INVESTMENT

PROJECT

EXPECTED

COMPLETION

DATE

Early bag store Completed

Taxiway resheeting Completed

Expanded gate lounges 2H15

Northern lands Bridge 1H16

T1 Improvements 2H16

Increased aircraft parking 2H16

Ground Transport improvements 2019

Northern Lands Bridge construction

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TRAFFIC AND CAPACITY GROWTH

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Long Term Passenger Growth Trends

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Significant tail winds driving long term passenger growth. Balanced inbound and

outbound and diverse nationality and destination mix

Australia 54%

New Zealand 7%

China 6%

USA 5%

UK 4%

S Korea 2%

Japan 2%

Singapore 2% Hong Kong

2% India 1%

Canada 1%

Germany 1%

Malaysia 1%

Indonesia 1%

other 11%

Foreign 46%

Foreign 46%

USA 8%

New Zealand 7%

Indonesia 3%

UK 3%

China 3%

Fiji 3%

Thailand 3% Singapore

2% Hong Kong 2%

India 1%

Japan 1%

Philippines 1%

Vietnam 1%

Malaysia 1%

Canada 1%

Other 13%

Australian 54%

/// Inbound nationality breakdown

/// Outbound destination breakdown

0

5

10

15

20

25

30

35

40

89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

Annual P

ax (

Mill

ions)

International Domestic & Regional Total

/// Long term traffic growth

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Passenger Growth In First Half 2015

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Load factor increases drove passenger growth in 1H15, with significant capacity

additions commencing 2H15

AVIATION BUSINESS DEVELOPMENT

• Strong load factor growth over the half and significant capacity

growth announcements with services commencing second

half

• Load factors on international services increased by a

significant 3.5 percentage points

• Stronger load factors are a leading indicator for future

capacity additions

• New international carriers Solomon Airlines, American

Airlines, ANA, Xiamen Airlines and Indonesia AirAsia X

announced the commencement of services to Sydney this

year

• New routes, new services, aircraft upgauges and frequency

increases announced from most major airline partners

Passengers (‘000s) 1H15 1H14 Growth

Domestic 12,393 12,189 +1.7%

International 6,604 6,425 +2.8%

Total 18,997 18,613 +2.1%

0 20,000 40,000 60,000 80,000

China

Australia

India

Philippines

USA

Korea

0%

1%

2%

3%

4%

5%

6%

7%

8%

-1

0

1

2

3

4

5

6

7

Jan Feb Mar Apr May Jun

Ch

an

ge in

Lo

ad

Fa

cto

rs

Passen

ge

r G

row

th %

/// Passenger Growth in 1H15

/// Load Factor and Passenger growth in 1H15

/// Nationality growth 1H15 – Passenger numbers

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Sydney Airport’s Proposition

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BUSINESS AND ECONOMIC HUB

• 41% share of Australia’s international premium

passengers, providing airlines with a significant revenue

premium compared to other Australian airports

• 600 multinationals have their Asia-Pacific headquarters in

Sydney, 90% of international banks have their regional

headquarters in Sydney

TOURISM HUB

• Sydney is the distinct leader amongst Australian cities for

international leisure passengers, catering to over 6.5m

sector passengers per annum

• 34% of all bed nights are spent in Sydney and NSW

EDUCATION DEMOGRAPHIC HUB

• The Sydney market has many attractive features, including

large immigrant and foreign student population

• 32% of Australia’s population lives within the Sydney Airport

catchment area

• 47% of people with Chinese ancestry reside in Sydney

Sydney has a natural catchment and a unique competitive advantage

Sydney

41%

Melbourne

26%

Brisbane

13%

Perth

12%

Adelaide

3%other

5%

International Premium Passenger Share

Sydney

1,305,367

41%

Melbourne

680,789

22%

Brisbane

478,951

15%

Perth

293,230

9%

other

393,371

13%

Foreign Residents Arriving

/// International premium passenger revenue

/// Inbound foreign nationality share

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KEY 1H15 INITIATIVES

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International Aeronautical Agreement

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Airlines which represent more than 98% of passengers have signed new five year

agreements

Agreements follow an unprecedented level of

consultation, information exchange and clarity as to

each airline partners’ requirements

NEW AGREEMENT WILL FACILITATE:

• Improved customer experience and presentation

standards, resulting in an incremental uplift to operating

expenses of $8m per year

• Design and implementation of a service level framework

• New forum for ongoing airline consultation

• Five year investment strategy which will deliver further

world class passenger experience improvements,

additional capacity to meet new demand and more

efficient operations, resulting in an incremental uplift to

operating expenses of around $8 million per year.

• Aeronautical charges under the new commercial

agreement will follow an agreed price path, passenger

charge will step down by $0.18 to $24.00 per passenger

for the period of 1 July 2015 to 30 June 2016; and will

increase by an average of 3.8% per annum over the

subsequent four years of the agreement.

• Delivers an appropriate return on the significant

investment commitment

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Terminal 1 Transformation

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Sydney Airport has commenced phase two of the T1 improvement program to deliver

a world-class airport experience for passengers, visitors and staff

T1 STRATEGY

• The T1 transformation focuses on the airline and

passenger experience

• The investment plan was based on extensive airline and

passenger feedback

PASSENGER AND AIRLINE BENEFITS

• Wider pathways to deliver improved passenger flows and

more direct paths to aircraft gates

• A new central ‘boulevard’ providing passengers with

shorter walking distances, greater lines of sight and

access from security to the boarding gates and aircraft

• Clear signage and wayfinding

• Additional casual seating located closer to boarding gates

• Improved pre-passport control zones, more space for

access to e-passport kiosks, orientation space and

optimised access to passport control line.

• Project is tracking on time and budget. Phase two

commenced in June and completion of the overall T1

improvement program is scheduled for mid-2016

Artists impression, not an accurate representation of the finished redevelopment

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14 July

2015

Heinemann's first duty free

store opens – Arrivals pier C

September

2015

Arrivals pier B opening

September

2015

Phase one of main departures

duty free store opening

October

2015

Departures pier B South

opening

November

2015

Departures pier C opening

February

2016

Luxury brand stores within main

departures store to open

Mid 2016 Food and dining concepts open

T1 Departures

Heinemann Duty Free Store Launch Timetable

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Largest stand alone duty free store world wide

over 5,700m2

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Retail Business Update

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TERMINAL 1 AND CONTRACT NEGOTIATION

• T1 casual dining precinct has been transformed with new

food offerings including: Roll’d, Hokka Hokka, Mach2, Grand

Cru, Soul Origin, Oliver Brown and Nando’s

• Some of the largest contracts in Retail have been

renegotiated in the last 12 months on superior terms

(Duty Free, Advertising, Travel Essentials and Australian

Experience contracts)

TERMINAL 2

• T2 casual dining precinct refresh has commenced, the focus

being fast and fresh together with value and choice. Works

are due for completion late 2015

• Seven new tenancies in T2 will open late 2015, Roll’d,

Hokka Hokka, SumoSalad – Green Label, Red Rooster,

Sahara Grill, Mad Mex and Chur Burger

• AMUSE beauty studio opened in May. The first airport in

Australia to showcase the beauty retail offering

Retail strategy- Deliver maximum retail value via an expanded retail offering and

superior passenger experience

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Ground Transport initiative progress

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Ground transport initiatives driving a superior customer experience and traffic

circulation GROUND TRANSPORT STRATEGY

• Sydney Airport is focused on delivering improvements to

traffic flow in and around the airport and working in

collaboration with the NSW Government

• Airline passengers, airport workers and other airport

visitors are already experiencing the benefits of the Five

Year Ground Transport Plan with the opening of the new

T1 express pick up and drop off zone, Centre Road and

the new dedicated exit onto Airport drive heading to the

city

• The T2/T3 Ground Access Improvements and Hotel Major

Development Plan was approved in March and Sydney

Airport has commenced the delivery of these

transformational ground access solutions

GROUND TRANSPORT PROGRESS -T1

• Construction of the new exit from Marsh Street to Centre

Road and preparatory works on the Airport Drive to

Arrivals Court flyover will commence in November 2015

T2/T3

• Demolition of the hangars commenced in May to deliver

the extension of Seventh Street, creating a new five lane

one way exit from the T2/T3 precinct that is scheduled to

be operational in December 2015

• Construction of the first stage of the Pedestrian Corridor

Program is planned to commence in November 2015

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New management initiatives driving future revenue streams

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Future Management Initiatives

Car parking

yield

management

system

commencement

Pricing based on supply and demand, car park location and

booking time

Early booking rewards – value proposition focus

Customer experience focus through technology compatibility

Car parking

expansion

Car parking works approved as part of T2/T3 major development

plan. Three new floors to be constructed on P3 car park,

commencing Q415

Multi storey car park at T1 to be expanded, with construction of

an additional four floors to commence second half 2015

Ground transport interchange works approved inclusive of 4,000

space car park in the medium term.

Two hotel

expressions of

interest

T2/T3 precinct - two/three star hotel, adjacent to the existing Ibis

Hotel

T1 precinct - 100 to 200 room, limited service hotel at one of four

potential sites

Northern lands

bridge

Bridge to Northern Lands well progressed

First commercial operation expected to be 1,000 space vehicle

storage

Scheduled completion first quarter 2016

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The construction of a new airport is a unique and exciting opportunity

Western Sydney Airport The Opportunity

• Formal nine month consultation period has

finished. Now jointly agreed to participate in

ongoing informal discussions, given the timetable

and scope of work to be done

• Government has indicated they expect to deliver

the confidential Notice of Intention towards the

end of the year

• NSW Government is developing the biggest

employment zone in the state right next to the

airport

• Operating KSA and WSA in a system both

airports will be well placed to service the markets

in which they operate

• Sydney Airport continues to work actively to

understand all stakeholder impacts and

expectations

Preliminary discussions

Notice to Consult

9 months

Government consideration

Notice of Intention

4 or 9 months

Indicative Timeline Only

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OUTLOOK AND GUIDANCE

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Outlook and Guidance

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• Management is focused on

improving the customer

experience and in turn driving

stronger business outcomes

• Balance sheet strength,

substantial liquidity and

undrawn credit facilities

available to fund future capital

expenditure into 2017 provides

Sydney Airport with a platform

from which it can invest and

grow

• Management will continue to

capitalise on Sydney Airport’s

unique position as Australia’s

major gateway and tailwinds

including lower fuel prices and

new free trade and bilateral air

service agreements

KEY 2015 FOCUS AREAS

• Implementation of improved

quality of service outcomes

associated with the new

aeronautical agreements

• Transition of terminal 3

• Aviation business development

• Continued roll out of Ground

Transport improvements

• Airfield and capacity expansion

• Hotel strategy

• Evaluation of Western Sydney

Airport opportunity

UPGRADED GUIDANCE

• Upgraded guidance to 25.5

cents per stapled security

distribution for 20151

• $1.2bn capital expenditure

over the next five years (2015-

2019)

1 Guidance subject to aviation industry shocks and material forecast changes

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THANK YOU

FOR YOUR ATTENTION

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